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Quarterly Fact Sheet Doric Nimrod Air Three Limited

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Quarterly Fact Sheet Doric Nimrod Air Three Limited QUARTERLY FACT SHEET 31 December 2016 DORIC NIMROD AIR THREE LIMITED LSE: DNA3 The Company calculated on different exchange rates and using the Doric Nimrod Air Three Limited (“the Company“) is a average value of the aircraft as provided by the three independent external appraisers. Regarding the following Guernsey domiciled company, which was listed on the two tables, there is no guarantee that the aircraft will Specialist Fund Segment (SFS) of the London Stock be sold at such a sale price or that such capital returns Exchange’s Main Market on 2 July 2013 with the ad- would be generated. It is also assumed that the lessee will mission of 220 million Ordinary Shares (“the Equity”) at honour all its contractual obligations during the entire an issue price of 100p per share. The market capitalisation anticipated lease term. of the Company was GBP 220.6 million as of 31 December The contracted lease rentals are calculated to satisfy 2016. interest and principal in US dollars and distributions Investment Strategy and Company running costs in sterling. The Company The Company‘s investment objective is to obtain income is therefore insulated from foreign currency market returns and a capital return for its shareholders by volatility during the term of the leases. acquiring, leasing and then selling aircraft. I. Implied Future Total Return Components Based on Appraisals1 The Company acquired four Airbus A380 aircraft by the end of November 2013. Since delivery, each of The implied return figures are not a forecast and assume the the four aircraft has been leased to Emirates Airline Company has not incurred any unexpected costs. (“Emirates”) – the national carrier owned by the Aircraft portfolio value at lease expiry according to Investment Corporation of Dubai, based in Dubai, United • Prospectus appraisal USD 556 million 2 Arab Emirates – for an initial term of 12 years with fixed • Latest appraisal USD 521 million lease rentals for the duration. In order to complete the Per Share Income Return of Capital Total Return3 purchase of the aircraft, DNA Alpha Ltd (“DNA Alpha”), Distributions Prospectus Latest Prospectus Latest a wholly owned subsidiary of the Company, issued two Appraisal Appraisal4 Appraisal Appraisal4 Prospectus tranches of enhanced equipment trust certificates (“the 74p 169p 160p 243p 235p FX Rate5 Certificates” or “EETC”) – a form of debt security – in July Current 2013 in the aggregate face amount of USD 630 million. 74p 202p 191p 277p 266p FX Rate6 DNA Alpha used the proceeds from both the Equity and 1 2 the Certificates to finance the acquisition of the four new See final sentences in the fourth paragraph of Investment Strategy Date of valuation: 31 March 2016 3Excluding earned dividend 4Average of the Airbus A380 aircraft. three appraisals as at the Company’s year-end in the expiry year of the respective lease 51.4800 USD/GBP 61.2341 USD/GBP (31 December 2016) The Company receives income from the leases and its directors are targeting a gross distribution to the shareholders of 2.0625p per share per quarter (amount- II. Company Facts (31 December 2016) ing to a yearly distribution of 8.25% based on the initial Listing LSE placing price of 100p per share). Ticker DNA3 The total return for a shareholder investing today (31 Current Share Price 100.25p (closing) December 2016) at the current share price consists of Market Capitalisation GBP 220.6 million future income distributions during the remaining lease Initial Debt USD 630 million duration and a return of capital at dissolution of the Outstanding Debt Balance USD 426.7 million (68% of Initial Debt) Company. The latter payment is subject to the future Current/Future Anticipated 2.0625p per quarter (8.25p per annum) value and the respective sales proceeds of the aircraft, Dividend quoted in US dollars and the USD/GBP exchange rate Earned Dividends 24.58p at that point in time. Since launch three independent Current Dividend Yield 8.23% appraisers provide the Company with their future values for the aircraft at the end of each financial year. The latest Dividend Payment Dates April, July, October, January appraisals available are dated the end of March 2016. The Expected Future Total Cash 2.65 (based on the Multiple1 Current Share Price)2 table below summarizes the total return components, 1See final sentences in the fourth paragraph of Investment Strategy 2Based on the latest appraisal and the current FX rate (including for maintenance, repairs and insurance) relating to II. Company Facts (continued) the aircraft during the lifetime of the leases. Total Expense Ratio 1.0% (based on Average Net Assets) Currency GBP Inspections Launch Date/Price 2 July 2013 / 100p The asset manager undertook records audits in November 2016 Average Remaining Lease 8 years 10 months for MSN 132 and in December 2016 for MSNs 133, 134, 136. The Duration technical documentation of MSN 132 was found to be in good Incorporation Guernsey order. The lessee was again very helpful in the responses given Aircraft Registration Numbers A6-EEK (29.08.2025), A6-EEL to the asset manager’s technical staff. Final reports for the (Lease Expiry Dates) (27.11.2025), A6-EEM (14.11.2025), A6-EEO (29.10.2025) other three aircraft were not available at the editorial deadline. Asset Manager Amedeo Management Ltd 2. Market Overview Corp & Shareholder Advisor Nimrod Capital LLP Between January and October 2016 passenger demand, Administrator JTC (Guernsey) Ltd measured in revenue passenger kilometres (RPKs), increased Auditor Deloitte LLP by 6.0% compared to the same period the year before. Adjusted Market Makers Jefferies International Ltd, for the extra day as 2016 is a leap year, traffic grew by 5.7%. Numis Securities Ltd, Growth remains broadly in line with its ten-year-average, Shore Capital Ltd, Winterflood Securities Ltd driven by a range of competing factors. The impact of terrorist SEDOL, ISIN B92LHN5, GG00B92LHN58 attacks and political instability in parts of the world has eased and global business confidence has picked up over the last few Year End 31 March months. However, the International Air Transport Association Stocks & Shares ISA Eligible (IATA) expects that lower oil prices and airfares, the key driver Website www.dnairthree.com of demand in recent years, might be a thing of the past as OPEC recently agreed on restricting oil supplies. In the latest report Asset Manager’s Comment on the economic performance of the airline industry released in December, IATA expects an RPK growth of 5.9% in 2016 and 1. The Assets 5.1% in the coming year. In November 2013, the Company completed the purchase of During the first ten months of 2016 passenger load factors all four Airbus A380 aircraft bearing manufacturer’s serial averaged 80.5%, down by 0.2 percentage points compared to numbers (MSN) 132, 133, 134 and 136. All four aircraft are the same period the year before. With minus 2.1 percentage leased to Emirates for an initial term of 12 years from the point points, the Middle East recorded the strongest decline in of delivery with fixed lease rentals for the duration. load factors as the added capacity outstripped brisk demand The A380s owned by the Company recently visited Auckland, significantly. IATA estimates an average worldwide passenger Bangkok, Brisbane, Los Angeles, Milan, New York JFK, Perth, load factor of 80.2% for this year and 79.8% for 2017. Port Louis, San Francisco, Sydney, and Zurich. Aircraft A regional breakdown reveals that Middle East airlines, utilisation for the period from delivery of each Airbus A380 including Emirates, continued to outperform the overall market until the end of November 2016 was as follows: demand again this year. Between January and October RPKs increased by 11.0% compared to the previous period. Asia/ Aircraft Utilization Pacific-based operators ranked second with 8.9%, followed by Average Africa with 6.6%. Europe grew by 3.8%. Latin American and MSN Delivery Date Flight Hours Flight Cycles Flight Duration North American market participants recorded RPK growth of 132 29/08/2013 16,788 1,941 8 h 40 min 3.6% and 3.2% respectively. 133 27/11/2013 15,793 1,630 9 h 40 min Fuel is the single largest operating cost of airlines and has a significant impact on the industry’s profitability. According to 134 14/11/2013 15,877 1,675 9 h 30 min its latest report released in December, IATA expects an average 29/10/2013 16,101 1,660 136 9 h 40 min fuel price of USD 52.1 per barrel in 2016. This would be 22% lower compared to the previous year. Jet fuel prices have Maintenance Status started to rise with oil prices and IATA forecasts an average Emirates maintains its A380 aircraft fleet based on a maintenance price of USD 64.9 per barrel of jet fuel for 2017. Fuel costs in programme according to which minor maintenance checks 2017 are set to represent 18.7% of average operating costs, a are performed every 1,500 flight hours, and more significant 0.5 percentage point reduction from 2016. This is significantly maintenance checks (C checks) at 24 month or 12,000 flight below the recent peak of 33.2% in 2012-13. Slower GDP growth hour intervals, whichever occurs first. Emirates bears all costs and rising costs have led to a downward revision of IATA’s 2016 airline industry profitability to USD 35.6 billion. This will still end of the financial year. At the same time 19 older aircraft had be the highest absolute profit generated by the airline industry been removed from the fleet by the end of September, with and the highest net profit margin (5.1%) to date.
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